Dr Doom - You aint seen Nothing yet

[Stan.goodvibes]

The great holocaust follows an economic collapse in America. The enemy will make its move when we are weak and helpless. …America is going to be destroyed by fire! Sudden destruction is coming and few will escape. Unexpectedly, and in one hour, a hydrogen holocaust will engulf America -- and this nation will be no more.
David Wilkerson

Because David Wilkerson is as mad as a snake (a condition known as Right-Wing-Fundamentalist Dementia) . Nicky are you posting from a survivalist bunker somewhere in the heartland of 'Merica, like idaho, by any chance?

The comment from Robert Holmes about the black helicopters actually made me LOL. Oh its good in these trying times to have some (unintentional) humour

[Nicky G]

Why do you rely on economists when you have the Lord's messengers?


Link

I saw the Stock Market soar and then crash. After the [first] crash, many big business corporations and private parties bought up stocks because of the low cost to buy in. Then I saw the market begin to climb again in a short period of time. Then it crashed again bringing tremendous loss, ruin, and devastation to all who bought in the first time. This is what I have labeled "Two Black Mondays." The time period between the Two Black Mondays was very close together. I could not tell exactly how close. It could be a couple of days to a couple of months. There are some tell-tale signs indicating the season and the setting. *I saw the season to be when 'the leaves fall to the ground' then the first crash would occur. *I also saw the Yen fall dramatically just before this sudden and inexplicable crash.
Harold Eatmon

There will shortly come a time when Wall Street will collapse. No longer shored up by public confidence, it will swagger under the weight of national debt. On a day of frenzied trading, it shall tumble the nation into turmoil and depression. The attention of the creditor nations will be drawn to America. I saw a time of conferences and meetings, international concern and intervention by prominent international organizations in domestic economics and affairs. For the first time in US history, international organizations will intervene in domestic affairs. I saw international troops on US soil. A national economic crisis, and localized crises will be announced, and utilizing certain powers, the US President will call FEMA (Federal Emergency Management Agency) into action. You will see Black Helicopters on television and this will be a sign. When she (America) is weakest, a set of disasters will befall the nation.
Robert Holmes

The great holocaust follows an economic collapse in America. The enemy will make its move when we are weak and helpless. …America is going to be destroyed by fire! Sudden destruction is coming and few will escape. Unexpectedly, and in one hour, a hydrogen holocaust will engulf America -- and this nation will be no more.
David Wilkerson

[AlfredJPruffock]

I hereby predict that there will be an economic recovery and a bull market on the stock exchange.

I hereby predict the GSI (Grey Slates Index) will remain - Grey Slates.

[Nicky G]

Yet all these predictions and more came true. Few are laughing now.

This reminds me of somebody.

[Mich the Tester]

In 2025?

I don’t know when, but the more guesses we make the more chance we have of being right, and then being acclaimed for our economic genius. My guess is 2010.

[BrilloPad]

I hereby predict that there will be an economic recovery and a bull market on the stock exchange.

In 2025?

[Mich the Tester]

Take 1000 nutters scribbling furiously about 1000 different ways we're all going to die.

Cue one actual crisis.

What's the chances that one of them nutters 'predicted' it? Suddenly he's feted as the clever clogs who knew all along. His other 999 nutter mates are very sad, except for the one who predicted global warming.

I hereby predict that there will be an economic recovery and a bull market on the stock exchange.

[TheBigYinJames]

Aye James
Your right - this guy doesnt know Jack tulip

Take 1000 nutters scribbling furiously about 1000 different ways we're all going to die.

Cue one actual crisis.

What's the chances that one of them nutters 'predicted' it? Suddenly he's feted as the clever clogs who knew all along. His other 999 nutter mates are very sad, except for the one who predicted global warming.

[Mich the Tester]

Miserable git.

[AlfredJPruffock]

Aye James

Your right - this guy doesnt know Jack Sh1t - just another conspiracy theorist/terrorist trying to scaremonger people - fact is things can only get better.

Get out there folks - vote Michael Palin and win a Maestro.

You've never had it so good.

PS Anyone seen the Bin Laden election special video yet ?

[TheBigYinJames]

For years Dr Doom toiled in relative obscurity as a New York University economics professor under his alias, Nouriel Roubini.

If I was called Nouriel, I'd use an alias too.

[AlfredJPruffock]

As stock markets headed off a cliff again last week, closely followed by currencies, and as meltdown threatened entire countries such as Hungary and Iceland, one voice was in demand above all others to steer us through the gloom: that of Dr Doom.

For years Dr Doom toiled in relative obscurity as a New York University economics professor under his alias, Nouriel Roubini. But after making a series of uncannily accurate predictions about the global meltdown, Roubini has become the prophet of his age, jetting around the world dispensing his advice and latest prognostications to politicians and businessmen desperate to know what happens next – and for any answer to the crisis.

While the economic sun was shining, most other economists scoffed at Roubini and his predictions of imminent disaster. They dismissed his warnings that the sub-prime mortgage disaster would trigger a financial meltdown. They could not quite believe his view that the US mortgage giants Fannie Mae and Freddie Mac would collapse, and that the investment banks would be crushed as the world headed for a long recession.

Yet all these predictions and more came true. Few are laughing now.

What does Roubini think is going to happen next?

Rather worryingly, in London last Thursday he predicted that hundreds of hedge funds will go bust and stock markets may soon have to shut – perhaps for as long as a week – in order to stem the panic selling now sweeping the world.

What happened? The next day trading was briefly stopped in New York and Moscow.

Dubbed Dr Doom for his gloomy views, this lugubrious disciple of the “dismal science” is now the world’s most in-demand economist. He reckons he is getting about four hours’ sleep a night. Last week he was in Budapest, London, Madrid and New York. Next week he will address Congress in Washington. Do not expect any good news.

Contacted in Madrid on Friday, Roubini said the world economy was “at a breaking point”. He believes the stock markets are now “essentially in free fall” and “we are reaching the point of sheer panic”.

For all his recent predictive success, his critics still urge calm. They charge he is a professional doom-monger who was banging on about recession for years as the economy boomed. Roubini is stung by such charges, dismissing them as “pathetic”.

He takes no pleasure in bad news, he says, but he makes his standpoint clear: “Frankly I was right.” A combative, complex man, he is fond of the word “frankly”, which may be appropriate for someone so used to delivering bad news.

Born in Istanbul 49 years ago, he comes from a family of Iranian Jews. They moved to Tehran, then to Tel Aviv and finally to Italy, where he grew up and attended college, graduating summa cum laude in economics from Bocconi University before taking a PhD in international economics at Harvard.

Fluent in English, Italian, Hebrew, and Persian, Roubini has one of those “international man of mystery” accents: think Henry Kissinger without the bonhomie. Single, he lives in a loft in Manhattan’s trendy Tribeca, an area popularised by Robert De Niro, and collects contemporary art.

Despite his slightly mad-professor look, he is at pains to make clear he is normal. “I’m not a geek,” said Roubini, who sounds rather concerned that people might think he is. “I mean it frankly. I’m not a geek.”

He is, however, ferociously bright. When he left Harvard, he moved quickly, holding various positions at the Treasury department, rising to become an economic adviser to Bill Clinton in the late 1990s. Then his profile seemed to plateau. His doubts about the economic outlook seemed out of tune with the times, especially when a few years ago he began predicting a meltdown in the financial markets through his blog, hosted on RGEmonitor. com, the website of his advisory company.

But it was a meeting of the International Monetary Fund (IMF) in September 2006 that earned him his nickname Dr Doom.

Roubini told an audience of fellow economists that a generational crisis was coming. A once-in-a-lifetime housing bust would lay waste to the US economy as oil prices soared, consumers stopped shopping and the country went into a deep recession.

The collapse of the mortgage market would trigger a global meltdown, as trillions of dollars of mortgage-backed securities unravelled. The shockwaves would destroy banks and other big financial institutions such as Fannie Mae and Freddie Mac, America’s largest home loan lenders.

“I think perhaps we will need a stiff drink after that,” the moderator said. Members of the audience laughed.

Economics is not called the dismal science for nothing. While the public might be impressed by Nostradamus-like predictions, economists want figures and equations. Anirvan Banerji, economist with the New York-based Economic Cycle Research Institute, summed up the feeling of many of those at the IMF meeting when he delivered his response to Roubini’s talk.

Banerji questioned Roubini’s assumptions, said they were not based on mathematical models and dismissed his hunches as those of a Cassandra. At first, indeed, it seemed Roubini was wrong. Meltdown did not happen. Even by the end of 2007, the financial and economic outlook was grim but not disastrous.

Then, in February 2008, Roubini posted an entry on his blog headlined: “The rising risk of a systemic financial meltdown: the twelve steps to financial disaster”.

It detailed how the housing market collapse would lead to huge losses for the financial system, particularly in the vehicles used to securitise loans. It warned that “ a national bank” might go bust, and that, as trouble deepened, investment banks and hedge funds might collapse.

Even Roubini was taken aback at how quickly this scenario unfolded. The following month the US investment bank Bear Stearns went under. Since then, the pace and scale of the disaster has accelerated and, as Roubini predicted, the banking sector has been destroyed, Freddie and Fannie have collapsed, stock markets have gone mad and the economy has entered a frightening recession.

Roubini says he was able to predict the catastrophe so accurately because of his “holistic” approach to the crisis and his ability to work outside traditional economic disciplines. A long-time student of financial crises, he looked at the history and politics of past crises as well as the economic models.

“These crises don’t come out of nowhere,” he said. “Usually they arrive because of a systematic increase in a variety of asset and credit bubbles, macro-economic policies and other vulnerabilities. If you combine them, you may not get the timing right but you get an indication that you are closer to a tipping point.”

Others who claimed the economy would escape a recession had been swept up in “a critical euphoria and mania, an irrational exuberance”, he said. And many financial pundits, he believes, were just talking up their own vested interests. “I might be right or wrong, but I have never traded, bought or sold a single security in my life. I am trying to be as objective as I can.”

What does his objectivity tell him now? No end is yet in sight to the crisis.

“Every time there has been a severe crisis in the last six months, people have said this is the catastrophic event that signals the bottom. They said it after Bear Stearns, after Fannie and Freddie, after AIG [the giant US insurer that had to be rescued], and after [the $700 billion bailout plan]. Each time they have called the bottom, and the bottom has not been reached.”

Read all about it here - http://business.timesonline.co.uk/to...cle5014463.ece